Clyde operates a sole proprietorship using the cash method. This year Clyde made the following expenditures: $480 to U. S. Bank for 12 months of interest accruing on a business loan from September 1st of this year through August 31st of next year. $600 for 12 months of property insurance beginning on July 1 of this year. What is the maximum amount Clyde can deduct this year?
a. $760
b. $600
c. $480
d. $160
e. $360
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Clyde operates a sole proprietorship using the cash method. This year Clyde made the following expenditures: $480 to U. S. Bank for 12 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
After promulgation of OSHA's Process Safety Standard, the responsibility for providing a safe and healthful workplace for subcontractor employees has been transferred from the subcontractor to the prime. Select one: a. True b. False
Answers (1)
Company X is planning to implement rule based access control mechanism for controlling access to its information assets, what type of access control is this usually related to? A. Discretionary Access Control B. Task-initiated Access Control C.
Answers (1)
Other things the same, as the price level falls, a. people feel less wealthy. b. the interest rate rises. c. the dollar depreciates. d. all of the above are correct.
Answers (1)
How are trade-offs and opportunity costs different? a trade-off can be put on a decision-making grid, but an opportunity cost cannot. a trade-off is the most expensive opportunity cost.
Answers (2)
Shawna wants to ensure that she has a good income throughout her retirement. which method could she employ? she could work fewer hours each week so she will stay strong and retire later.
Answers (2)
New Questions in Business
Bailey notices that her typically soft-spoken movie theater supervisor has been yelling at her and several of her coworkers. she speculates that problems at home may be impacting her supervisor's work relationships.
Answers (1)
In a command economy do highly skilled workers earn more, less, or the same as low-skilled workers?
Answers (1)
Technological advances have resulted in fewer opportunities for small businesses abroad. a. True b. False
Answers (1)
Churz Corporation's management reports that its average delivery cycle time is 31 days, its average throughput time is 12.0 days, its manufacturing cycle efficiency (MCE) is 0.40, its average move time is 0.5 day, and its average queue time is 5.
Answers (1)
Can we tell from this information whether aggregate expenditure was higher or lower than GDP during this quarter? If not, what other information do we need? A. Aggregate expenditure was equal to GDP in this quarter. B.
Answers (2)